July 23, 2020
If economic uncertainty changed during the course of the application process and/or eight-week period, does that affect eligibility for forgiveness?
Posted by Armanino Financial Advisory Team
Maybe, depending on your loan size. The SBA has deemed that any borrower with a loan under $2 million automatically had uncertainty, so in this case you are fine. However, if your loan was over that mark, the SBA has said they will audit all such loans for proof of economic uncertainty at the time of loan application. If they conduct that audit and find that the case for economic uncertainty was insufficient, then they may reject all forgiveness.